For those of you who don’t know, June is National Homeownership Month. It’s our time to celebrate “home sweet home” a little extra.
Owning a home has many great financial benefits, but this blog is about none of those. We love helping our customers find their next home, but we also want them to be prepared for everything that comes with it – including these expenses new homeowners often forget.
Utilities likely aren’t a new payment if you’ve lived in an apartment. However, be sure to account for any increase in square footage and for services that your landlord or complex may have covered for you. The bottom line is that you’ll likely have more bills for more money once you become a homeowner.
Taxes and insurance
Though location will determine the exact rate of this expense, it will be a small percentage of your home’s value each year. Don’t forget about your homeowner’s insurance policy, either. (That, of course, is different from title insurance – the topic we’re often talking about the most.)
Home wear and tear is bound to happen. Sorry for the bad news. This is why it’s important to pay attention to your home inspection, though issues will undoubtedly pop up later down the road. Even if you’ve already identified changes you’d like to make – think new paint, carpet and other upgrades – appliances and other systems do break from time to time, and never at a good time, either.
For many, homeownership is a wonderful milestone, and Birthright Title love being part of the journey for so many people in our Tennessee communities. We just want you to be ready for your present and future in every way. Want to keep celebrating everything there is to love about homeownership? Consider sharing these stats.